Finance Ministry to introduce stricter monitoring of international & online credit cards transactions: Sources

The Finance Ministry is preparing stricter monitoring of international and online transactions using credit cards, requiring both the remitter and the recipient to disclose their identities, sources told Zee Business. 

Among the key changes being planned, credit card companies will be required to make additional disclosures covering details like banking channels and payment gateways, according to the sources. Additionally, payment gateway providers will have to disclose this additional information separately, they said. 

The changes, being planned by the Financial Action Task Force (FATF), are aimed at curbing instances of money laundering and terror financing. 

Currently, companies offering payment gateways like Visa, MasterCard, Diners, and American Express (AMEX) support international transactions using credit cards. 

The government receives information on domestic transactions made using credit cards from payment gateway providers.